Going cashless on Debit Card – Will it cost you extra?
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0Ever since Prime Minister Modi announced to outlaw 500 and 1000 notes the impact of demonetization has been burning with many issues. Apart from the long queues and cash withdrawal limitations, citizens had to bare the services charges for debit cards too. Government have now decided to relive citizens with no service charges levied on the use of debit cards still December 31, well the question is will the government continue to charge after this time phase.
Will the ‘’Go Cashless’’ campaign turn out to be successful while the citizens are charged with 1% or 2% for the use Debit cards, apart from other issues is “Go Cashless” drive offered only for limited period as mentioned will the government continue to charge us even after 31st Dec?
Did you Know! To an extent lot of Shopkeepers ask Cash or Card payment. If you say Debit Card they would certainly ask for extra 1% or 2% charges on debit card payment, which is a very wrongly practice.
As per RBI notification merchants cannot charge extra on Debit Card transaction, “Note it only mentions Debit Card”
4. Levying fees on debit card transactions by merchants – There are instances where merchant establishments levy fee as a percentage of the transaction value as charges on customers who are making payments for purchase of goods and services through debit cards. Such fee is not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants and therefore calls for termination of the relationship of the bank with such establishments.
Notification: Pernicious practices of select banks deterring customer protection and accounting integrity
Don't you think Service charge on use of debit cards should be waived off
Good news – yet to be confirmed in reality. RBI is all set to raise ATM withdraw limit. After demonetisation, this would be the 2nd time the cash withdrawal limit is raised. Initial the limit was very much Rs.2,500/-. Later on it was raised to 4,500/-. Now a greater relief and this could bring back smile on most of the micro business people. Not only to micro business people but a big relief to common man as their was some confusion related to cards not accepted in petrol banks. Slowly things will ease-out and get to normal transaction system.RBI withdraw limit raised to Rs. 10,000 per day per card.
You get a lot of respect from me for writing these helpful article.
Unpleasant debit card payment –
On petrol bunk, I used debit card for payment & they have swiped it twice saying the Swiping Machine was not connecting & also I had to pay my time waiting! after returning I happened to check my mobile, got to see two SMS s from bank with same amount. Only then I realized the issue & immediately tried to lodged complaint but after many tries I could rise my complaint number as our support system was down had trouble to load info & generate complaint number. It’s so weird support we have & finally got my amount refunded next day.
Sometimes going cashless sounds risky! so how I wish if we could have secured & accurate electronic payment systems & also high quality customer support to help us in need.
People need confidence on our technology rather than hearing systems error to go cashless & grow economically.
I’m really into it, thanks for this great stuff!
What a pleasure to find someone who identifies the issues so clearly..